Trading Update

RNS Number : 7813K

MaxCyte, Inc.

12 July 2017

 

MaxCyte, Inc.

("MaxCyte" or the "Company")

Trading Update

Maryland, USA - 12 July 2017: MaxCyte (LSE: MXCT, MXCR), a US-based global company dedicated to driving the acceleration of the discovery, development, manufacturing and commercialisation of next-generation, cell-based medicines, provides an update on trading for the six months ended 30 June 2017.

The Company is pleased to report revenues for the first half of 2017 were $6.2 million, an increase of approximately 13.5 percent over first half 2016 revenues of $5.5 million. While the progress of the underlying business has been robust, the commercial license agreement with CRISPR Therapeutics and investment in the commercial platform have been a core focus for the period. With these in place, MaxCyte remains strongly positioned for continued growth.

The Company continues to enable the most advanced preclinical and clinical programs in cell-based medicines through currently more than 45 high-value cell therapy partnered programmes covering cutting-edge fields of immuno-oncology, gene editing and regenerative medicine, delivering high-value recurring licensing revenue, with more than 15 programmes licensed for clinical-stage use.  MaxCyte remains focused on progressing its CARMA program and the Company is on track to submit its first investigational new drug (IND) application for the program in H2 2017, which would be a significant achievement.

Commenting on MaxCyte's half-year trading update, Doug Doerfler, Chief Executive Officer, said: "We have continued to make significant progress across all areas of the business and have achieved another period of strong growth. For this year, given the timing of certain contracts, we expect an increase in the normal seasonal weighting of revenues as compared to the prior year.  In April, we bolstered our cash position by £20 million (before expenses) via a successful financing and will continue to apply prudent cash control to the business.  Other business highlights have included the signature of a commercial license agreement with CRISPR Therapeutics and Casebia Therapeutics, MaxCyte's cooperative research and development agreement ("CRADA") with the National Institute of Health's ("NIH") National Institute of Allergy and Infectious Diseases ("NIAID"), and recently presented and published scientific data.

"MaxCyte's proprietary technology is now uniquely positioned as an enabler for the clinical and commercial application of cutting-edge treatments in immuno-oncology and gene editing. Having implemented several key global sales and marketing initiatives in support of the instrument business in the first half of the year, the Company remains focused on building momentum and on continuing to deliver significant growth," he added.

MaxCyte expects to announce its interim results for the half year ended 30 June 2017 in September 2017.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

About MaxCyte

MaxCyte (LSE: MXCT, MXCR) is a US-based global company dedicated to driving the acceleration of the discovery, development, manufacturing and commercialization of next-generation, cell-based medicines. The Company provides its patented, high-performance cell engineering platform to biopharmaceutical partners engaged in drug discovery and development, biomanufacturing, and cell therapy, including gene editing and immuno-oncology. With its robust delivery platform, MaxCyte's team of scientific experts helps its partners to unlock their product potential and solve problems. This platform allows for the engineering of nearly all cell types, including human primary cells, with any molecule, at any scale. It also provides a high degree of consistency and minimal cell disturbance, thereby facilitating rapid, large-scale, clinical and commercial grade cell engineering in a non-viral system and with low-toxicity concerns. The Company's cell-engineering platform is FDA-accredited, providing MaxCyte's customers and partners with an established regulatory path to commercialize cell-based medicines. MaxCyte is also developing CARMA, its proprietary, breakthrough platform in immuno-oncology, to rapidly manufacture CAR therapies for a broad range of cancer indications, including solid tumors where existing CAR-T approaches face significant challenges.   For more information, visit http://www.maxcyte.com/

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MaxCyte Inc. Doug Doerfler, Chief Executive Officer Ron Holtz, Chief Financial Officer [phone] Nominated Adviser and Broker Panmure Gordon Freddy Crossley (Corporate Finance) Duncan Monteith Ryan McCarthy Tom Salvesen (Corporate Broking) [phone] Financial PR Adviser Consilium Strategic Communications Mary-Jane Elliott Chris Welsh Lindsey Neville [phone] [e-mail]

 

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